Simon Property Group (SPG) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Real Estate· Feb 2, 2026

Source: earnings call transcript

Simon Property Group delivered strong Q4 FY25 results, driven by robust leasing, strategic acquisitions, and significant redevelopment activity. The company achieved record FFO and increased its dividend, reflecting solid fundamentals and accelerating shopper traffic. While facing headwinds from tariffs and higher interest expenses, management remains bullish on the economy and the company's ability to enhance asset quality and drive future growth.

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SPG operating KPIs by quarter

SPG operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	Jun 2025 Q2 FY25	Sep 2025 Q3 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Square feet Leases signed	6.1M sq ft We signed more than 1,500 leases for 6.1 million square feet in the quarter. Source: earnings call transcript	5.1M sq ft+ We signed 1,300 leases for more than 5.1 million square feet in the quarter. Source: earnings call transcript	3.6M sq ft+ We signed approximately 1,000 leases for more than 3.6 million square feet in the quarter, with approximately 30% of our leasing activity for the quarter on new deals. Source: earnings call transcript	~4M sq ft Retailer demand remains strong as we signed over 1,000 leases totaling approximately 4 million square feet during the quarter. Source: earnings call transcript	4.4M sq ft+ We signed more than 1,300 leases totaling over 4.4 million square feet during the quarter and over 4,600 leases for more than 17 million square feet for the year. Source: earnings call transcript	4.7M sq ft+ During the first quarter, we signed more than 1,100 leases totaling over 4.7 million square feet. Source: earnings call transcript	4.8M sq ft+ During the second quarter, we signed more than 1,200 leases totaling over 4.8 million square feet. Source: earnings call transcript	—
Occupancy rate Malls and Premium Outlets	96.5% Malls and outlet occupancy at the end of the fourth quarter was 96.5%, an increase of 70 basis points compared to the prior year. Source: earnings call transcript	95.9% Malls and premium outlet occupancy at the end of the quarter was 95.9%, an increase of 40 basis points compared to the prior year. Source: earnings call transcript	96% The Malls and Premium Outlets ended the second quarter at 96.0% occupancy, up 10 basis points sequentially and 40 basis points year-over-year. Source: earnings call transcript	96.4% The Malls and Premium Outlets ended the third quarter at 96.4% occupancy, an increase of 40 basis points sequentially and 20 basis points year-over-year. Source: earnings call transcript	96.4% Malls and Premium Outlets ended the year at 96.4%. Source: earnings call transcript	96% Malls and Premium Outlet occupancy at the end of the first quarter was 96%, an increase of 10 basis points year-over-year. Source: earnings call transcript	96% Malls and Premium Outlets occupancy at the end of the second quarter was 96%, flat compared to the first quarter and year-over-year, a result that reflects the depth of retail demand as we absorbed approximately 1 million square feet of retailer bankruptcy-related space returned during the quarter and successfully relet. Source: earnings call transcript	0 pt
Occupancy rate The Mills	98.8% The Mills occupancy was 98.8%, an increase of 1% and is at a record level. Source: earnings call transcript	98.4% The mills occupancy was 98.4%, an increase of 70 basis points compared to the prior year. Source: earnings call transcript	99.3% The Mills achieved a record 99.3% occupancy, an increase of 90 basis points sequentially and 110 basis points from the prior year. Source: earnings call transcript	99.4% The Mills achieved a 99.4% occupancy, an increase of 10 basis points sequentially and 80 basis points from the prior year. Source: earnings call transcript	99.2% Occupancy in the Mills ended at 99.2%. Source: earnings call transcript	99.2% The Mills occupancy was 99.2%, an increase of 80 basis points year-over-year. Source: earnings call transcript	98.8% The Mills occupancy was 98.8%. Source: earnings call transcript	-0.4 pt

Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.

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